The project will include the construction of a 80 MW solar farm and a 40 MW wind farm. The cost of development and construction will amount to an approximate 108 million euros. The company estimates that gross revenues from sales of electricity according to the projected generation capacity will reach approximately 14.6 million euros in the first year of operation, after balancing payments to the electricity grid (based on a sale price of 60 euros per net MW/h). Total EBITDA is estimated at approximately 13 million euros annually.
Additionally, the company is pleased to announce that its Hungarian subsidiary, through a Romanian company it possesses, has entered into a long-term lease agreement of 35 years with an option for an additional term of 25 years with the aim to construct solar projects, their development and construction costing 26 million euros. The company estimates that gross revenues from sales of electricity will reach approximately 3.5 million euros in the first year of operation, after balancing payments to the electricity grid (based on, again, a sales price of 60 euros per MW/h). Total EBITDA from the project is estimated at approximately 3 million euros annually.
The project will include a solar farm in the Rosiori-Troianul District in Romania with an estimated installed capacity of 40 MW.
The CEO of the company’s European operations, Mr. Yossi Edelstein, stated that over the past year the company has acquired projects amounting to 500 MW at a total investment value of 520 million euros, and is handling a total project pipeline of 1,400 MW, reflecting the company’s strategy to become a leading and dominant renewable energy player in Eastern Europe and the Balkans. The projects are in various stages of advanced development, and construction of some of the projects is anticipated to begin in 2023.
The transactions described in this report reflect the company’s strategy of investing in green energy ventures. The company’s management and its team of professionals plan on identifying additional investment opportunities in the sector in Eastern Europe and the Balkans if they meet the company’s investment criteria.